Your earliest money memories might be sabotaging your present day finances.
That top you bought after a bad day at work?
That inflated PCP loan on a prestige car you can’t actually afford?
That savings account you keep meaning to open?
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Or that skimping you do on the bill at the end of a meal, that makes your friends’ eyes roll…
Most of these behaviours can be traced back to attitudes and beliefs around money that we formed in childhood, according to Emma Edwards of The Broke Generation.
In this episode of Better With Money, we speak to the finance writer, podcaster and author about the self-defeating narratives we tell ourselves that get in the way of wealth and financial well-being.
“We all know if you spend less you have more money, but it’s never quite as simple as that. When we look at the resistance we’re having to that change, then we’ve got some of the answers. [For example] ‘I know what to do but I can’t make myself do it. Why is this hard for me, what is this resistance?’ It’s because there’s a feeling of scarcity, there’s a feeling of a lack of safety or I don’t have belief in myself.”
In her case, Edwards explains the breakdown of her parents’ marriage and the financial uncertainty that that created growing up led her down a path of fiscal self-sabotage.
Perhaps a financially precarious childhood may lead you to think “money could disappear at any time so why not spend it?” Alas, the spending makes the money disappear… and the negative feedback loop continues.
So what is your money mindset and how might it be keeping you from securing your future and financial wellness in the present?
Listen to this fascinating discussion on the player above, or search for Better With Money wherever you get your podcasts.
Presented by Aideen Finnegan. Produced by Declan Conlon and Aideen Finnegan.
Resources mentioned in this episode:
Good With Money by Emma Edwards is available in all good bookshops
The concept of money mindset categories were popularised by the financial psychologist Dr. Brad Klontz
